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Stories of Interest
- Address at ICI's 2017 Securities Law Developments Conference - SEC Commissioner Stein
- New York Pension Fund Seeks More Pay Disclosure from Wells Fargo
- Wells Fargo Sanctions Are on Ice Under Trump Official
- Josh Brown: Here's How to Buy Bitcoin, But Realize It Could Be One Giant Bubble
- Trump's New Tax Plan Could Cost Citigroup $20 Billion
- Morgan Stanley Fires Former Congressman Harold Ford Jr.
- Al Franken Will Resign Over Sexual Misconduct Allegations - His Full Resignation Speech
- Ex-NFL Player Gets 40 Years for Running $10Mn Fraud
- Bitcoin Blows Past $15K, Adding $2K in Under 12 Hours
- Financial Adviser Settles Charges for Defrauding Private Equity Fund Investors
- New Cross Market Equity Supervision Report Cards - FINRA Phone-In Workshop, WebEx Presentation
- Mueller Just Crossed Trump's Red Line, With Deutsche Bank Subpoena
- Wildfire Rages Near Los Angeles
- Former Company Insider Has $4.1Mn Payday as a Whistleblower
- Audit Firm, Anton & Chia, Conducted Fraudulent Audits of Penny Stock Companies - SEC
- Mueller Subpoenas Deutsche Bank Records on Trump and Family
- Bitcoin Nearly Halfway to $400Bn Value Predicted by Winklevoss Twins 4 Years Ago
- Fidelity Clients Suffer Second Website Glitch in Week
- CBOE Beats CME to Bitcoin Futures Launch with December 10 Start
- McKinsey Senior Exec Thomas Barkin Named New Head of Federal Reserve Bank of Richmond
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NEWSLETTERS & ALERTS
Wells Fargo Chairman to Step Down
by Howard Haykin
In what may be a prelude to a shake-up of the Wells Fargo Board of Directors, Chairman Stephen Sanger announced that he will step down from the Board by spring of 2018. Mr. Sanger, a former Chairman of General Mills, joined the Wells Fargo board after last year’s news of the account scandal broke. Elizabeth Duke, who currently serves as Vice Chair on the Board, will replace Mr. Sanger as Chair. She was previously on the Federal Reserve Board of Governors, and before that was COO for TowneBank, a Virginia-based medium-sized lender.
ELIZABETH WARREN IS PLEASED. Sen. Elizabeth Warren has got to be pleased with the news. Back in June, she called upon Federal Reserve Chair Janet Yellen to use her powers to fire 12 Wells Fargo directors who served during the bank’s fraudulent account opening scandal. Ms. Warren reasoned that a federal statute allows Yellen to remove bank executives if they “engaged or participated in any unsafe or unsound practice” that caused the bank to “suffer financial loss.”
The 12 board directors mentioned by Ms. Warren, are: John D. Baker II, John S. Chen, Lloyd H. Dean, Elizabeth A. Duke, Enrique Hernandez, Jr., Donald M. James, Cynthia H. Milligan, Federico F. Pena, James H. Quigley, Stephen W. Sanger, Susan G. Swenson, and Suzanne M. Vautrinot.
Meanwhile, a board shakeup has been resisted by Warren Buffett, whose Berkshire Hathaway owns about 10% of the company and wields enormous influence at the bank.
FINANCIALISH TAKE AWAY. It's now anyone's guess as to what comes next: (i) a new scandal, or (ii) more board departures.